The weekly market update from Mike Simonsen of Altos Research. Today’s highlight is the focus on how Home prices have started to slip in a few states. Here are the highlights of the report:
Mortgage rates have recently surged into the 7% range, contributing to a slowdown in immediate home sales and an increase in price reductions, especially in states like Florida, Arizona, and Texas.
National home prices remain slightly higher compared to last year, but specific states are beginning to see declines.
There’s a significant rise in housing inventory, with a 1.7% increase this w...
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Some Highlights
If you’re thinking of buying a home this year, be sure to factor in the long-term benefits of homeownership.
On average, nationwide, home prices appreciated by 288.7% over the last 32 years. That means homeowners grow their net worth significantly in the long term.
Homeownership wins over time. Let’s connect so you can start your homebuying journey today....
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Some Highlights
There are a lot of misconceptions about buying or selling a home today, making it challenging to know exactly how to navigate the current real estate landscape.
Here’s a little clarity when it comes to 5 common myths about the 2021 housing market.
Let’s connect to discuss your needs and so you can decipher facts from fiction in our local market....
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We’re currently experiencing historically low mortgage rates. Over the last fifty years, the average on a Freddie Mac 30-year fixed-rate mortgage has been 7.76%. Today, that rate is 2.81%. Flocks of homebuyers have been taking advantage of these remarkably low rates over the last twelve months. However, there’s no guarantee rates will remain this low much longer.
Whenever we try to forecast mortgage rates, we should consider the advice of Mark Fleming, Chief Economist at First American:
“You know, the fallacy of economic forecasting is don’t ever try and forecast intere...
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If you’re planning to buy a home, an appraisal is an important step in the process. It’s a professional evaluation of the market value of the home you’d like to buy. In most cases, an appraisal is ordered by the lender to confirm or verify the value of the home prior to lending a buyer money for the purchase. It’s also a different step in the process from a home inspection, which assesses the condition of the home before you finalize the transaction. Here’s the breakdown of each one and why they’re both important when buying a home.
Home Appraisal
The National Association of Realt...
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In the spring, many excited buyers get ready to enter the housing market. Others continue dreaming about the homes they’d like to buy. The truth is, many potential buyers continue to dream longer than they need to, simply because they’re confused about the homebuying process. Thankfully, working with a trusted real estate professional can help ease those concerns and make the process to homeownership much easier to understand.
A recent survey conducted by Ipson and Freddie Mac reveals the confidence level of Gen Z and Millennial buyers regarding the homebuying process. The graph below...
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With the summer moving on, we are moving into the busier season for Real Estate. Visitors that are considering buying are now winding down their vacations and focusing more on Real Estate. This is why we have seen more showings and offers in the past two weeks than in all of July. This has been a typical pattern for many years now.
Sellers are lowering prices in an effort attract those buyers and get an offer. With interest rates so lows and seller motivation high we are seeing a nice third quarter rally.
There is still a lot of inventory which will continue to keep prices do...
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While buying a home, you are always advised to get a home insurance. But do you know what a home insurance is and what are its benefits?
The type of property insurance that covers private homes is called home insurance. This home insurance policy protects the home and the homeowners from the loss that can occur due to damage to the home and its contents. Also, the liabilities for public accidents like fire occurring at home leading to damage of personal possessions are also covered in the home insurance policies.
Information of the property like the property value and materia...
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A depression in the economy can cause many home owners to throw up their arms and sell their homes in order to get rid of financial difficulties. But does that mean they can give away their property to a lender only because they cannot afford it anymore! Also those in financial crisis cannot treat their homes as easy to dispose consumer goods. I agree that a real estate investment can also be termed as an illiquid investment. But real estate history has known that selling a home takes much planning and patience for months before a suitable buyer turns up.
Whether you are a seller or a buyer in the real estate transactions, you must always thing in the long term of the real estate market. There are several factors that can influence tomorrow’s market and you must be prepared for both ups and downs. To sell your home for a profitable price, you must ensure that your house in good condition. This is because, buyers usually look for homes in to which they can move in immediately without having to get many things repaired. However, if you are relocating, then you must decide whether you wish to sell your current home and buy a new home in the new lo...
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